June 10 Exams POLL Paper F8 was Post your comments here

For the audit opinion I gave two options: 1. Emphasis of matter if there is sufficient and appropriate audit evidence for going concern basis (because just feeling is not enough) 2. Disclaimer if there is not sufficient and appropriate evidence, because the problem is quite big just for “except for” opinion.

@minnat said:
Last Question(C) PART –
I think we have to say about de modified n also an unmodified opinion… since de directors agreed to disclose it in de f/s 🙂

modified with Excpt for para … 🙂

I think the report should be modified with emphasis on matter, since disclosures are made

the papaer was good hope to get more than 55 % lol

The paper was fair. If I had studied hard I’d have been sure to pass! I think it will be a December job for me I’m afraid.

Paper was fair… hope i’ll get the magic 50… fingers crossed…!!!
Inspite of that i did quite many mistakes plus not to forget it was quite lengthy paper…

Well… for assurance engagement I wrote about 3rd party info, available records, legal services and tax services. That sort of thing.

As an aside… that Q.2 was the hardest one I’ve ever had to face. We always use the word “materiality”, but from what I remember, we’ve never been asked what it means…

Q.3, 4 and 5 were entirely fair though. Suppose I could’ve done a bit better on 1.

For Q.5 I put a Qualification (material mistatement) coupled with an “except for” opinion. I had learnt that the going concern status was not to be affected after reading the question, but nonetheless we had to be aware of the material impact. That’s why I felt my answer was fair.

I should have included more procedures for Q.3, part (c). One was “Obtain a list of balances… cast the list.” Very vague, but it’s all I had time to write. I did enjoy doing Q.4 for the most part though.

Q.1 was a trickier beast. Part (b) with the theory was a very difficult question to answer… I ended up referring to inherent, control and detection risk and trying to make them relevant to the question, which I knew was about spotting risk at the audit planning stage. Parts (a) and (c) weren’t too bad I think, part (d) I ran out of time on. I was able to mention legal correspondence and press reports when it came to discussing the lawsuit though.

Any other thoughts?

@taqib4u said:
paper was pretty straight forward…not may tricky questions…..but I wonder y there were 7 marks for bank confirmation….donno what answer examiner is expecting….

same as me too ! i done F6 & F8 this time…

Hopefully can pass ^^

done for this session..F6 was ok…n F8 wasnt bad either….hope to clear both the papers..

ahhh guys cool down all those who r saying tat d paper was easy,because everytime i see the comments of the examiner he is always complainig tat i cant get the desired answers i m looking for.nyways for assurance engagement elements i write about reasonable and limited assurance but i missed the review engagement it was total fluke which i guess is write.for report it was clearly stated tat the auditor accepted that company will carry on as going concern so modified with emphasis of matter.

gud paper n i m hoping that i will pass this one quite safely inshallah

What do you guys think about q1 audit risk at the planning stage ?
I was big confused but managed to write something like
FD has left so …
Inventory not being count regularly
High competitive market
and something like that but not happy with Q1 a)

@taqib4u said:
paper was pretty straight forward…not may tricky questions…..but I wonder y there were 7 marks for bank confirmation….donno what answer examiner is expecting….
done for this session..F6 was ok…n F8 wasnt bad either….hope to clear both the papers..

to verify the bank balance i wrote
1. bank letter
2. inspecting bank statements
3. reviewing reconciliation and re-performing bank reconciliation
4.review the cashflow statement
5. review cashflow forecasts (including past forecasts)
cant remember what else i wrote but i had 7 reasonable procedures

Didn’t go too bad. Assurance engagement was the main thing that threw me but only 5 marks so could have been worse. Don’t think my guesses at fee/objectives/scope/any areas of potential conflicts of interest etc will get me much there!!

As for going concern, i see a few people mentioning a modified report with an emphasis of matter para. Is that possible? I was under the impression that emphasis of matter para’s were included with UNMODIFIED reports but where there is a material uncertainty relating to GC that has been disclosed. The text book seems to agree. Thats what i answered anyway.

Only other issue was that i don’t think i related my substantive procedures to assertions enough.

Fingers crossed.